Tandem Diabetes Care, Inc. $TNDM Shares Sold by First Light Asset Management LLC

Key Points

• First Light Asset Management LLC has decreased its stock holdings in Tandem Diabetes Care by 16%, now owning approximately 245,257 shares valued at about $4.7 million.
• Analysts have recently downgraded Tandem Diabetes Care's stock rating, with Piper Sandler reducing its target price from $30 to $14, leading to a current consensus rating of "Hold" and an average target price of $22.47.
• Insider transactions indicate confidence in the company, with CFO Leigh Vosseller purchasing 13,720 shares and CEO John F. Sheridan buying 10,000 shares at an average price between $10.23 and $10.89.

First Light Asset Management LLC reduced its stake in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) by 16.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 245,257 shares of the medical device company's stock after selling 46,860 shares during the quarter. First Light Asset Management LLC owned approximately 0.37% of Tandem Diabetes Care worth $4,699,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Assetmark Inc. lifted its stake in shares of Tandem Diabetes Care by 42.9% during the 1st quarter. Assetmark Inc. now owns 1,750 shares of the medical device company's stock worth $34,000 after purchasing an additional 525 shares during the last quarter. NBC Securities Inc. purchased a new stake in Tandem Diabetes Care in the first quarter valued at about $37,000. State of Wyoming boosted its holdings in Tandem Diabetes Care by 95.9% in the fourth quarter. State of Wyoming now owns 2,996 shares of the medical device company's stock worth $108,000 after acquiring an additional 1,467 shares in the last quarter. Brooklyn Investment Group boosted its holdings in Tandem Diabetes Care by 417.8% in the first quarter. Brooklyn Investment Group now owns 3,397 shares of the medical device company's stock worth $65,000 after acquiring an additional 2,741 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Tandem Diabetes Care by 102.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,902 shares of the medical device company's stock worth $141,000 after acquiring an additional 1,977 shares in the last quarter.

Insiders Place Their Bets

In other news, CEO John F. Sheridan acquired 10,000 shares of the company's stock in a transaction dated Monday, August 11th. The stock was acquired at an average cost of $10.23 per share, with a total value of $102,300.00. Following the completion of the purchase, the chief executive officer owned 106,327 shares of the company's stock, valued at $1,087,725.21. This represents a 10.38% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Leigh Vosseller acquired 13,720 shares of the company's stock in a transaction dated Friday, August 8th. The stock was purchased at an average cost of $10.89 per share, with a total value of $149,410.80. Following the completion of the purchase, the chief financial officer directly owned 25,580 shares of the company's stock, valued at approximately $278,566.20. This represents a 115.68% increase in their position. The disclosure for this purchase can be found here. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TNDM shares. Royal Bank Of Canada lowered their price target on Tandem Diabetes Care from $45.00 to $25.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Wall Street Zen downgraded Tandem Diabetes Care from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Lake Street Capital cut Tandem Diabetes Care from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $75.00 to $12.00 in a research note on Monday, August 11th. Barclays dropped their target price on Tandem Diabetes Care from $53.00 to $51.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Finally, UBS Group dropped their price objective on Tandem Diabetes Care from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $22.47.

Tandem Diabetes Care Trading Up 1.5%

NASDAQ:TNDM traded up $0.19 on Friday, reaching $12.58. The company's stock had a trading volume of 1,612,162 shares, compared to its average volume of 2,185,808. Tandem Diabetes Care, Inc. has a 12-month low of $9.98 and a 12-month high of $47.60. The company has a quick ratio of 1.88, a current ratio of 2.44 and a debt-to-equity ratio of 2.32. The firm has a market cap of $850.03 million, a price-to-earnings ratio of -4.07 and a beta of 1.45. The stock has a 50 day moving average price of $14.07 and a 200 day moving average price of $18.29.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The medical device company reported ($0.48) EPS for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.08). Tandem Diabetes Care had a negative net margin of 20.51% and a negative return on equity of 65.40%. The business had revenue of $240.68 million during the quarter, compared to analysts' expectations of $238.39 million. During the same quarter in the prior year, the firm earned ($0.47) EPS. Tandem Diabetes Care's revenue for the quarter was up 8.5% compared to the same quarter last year. On average, equities analysts anticipate that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current fiscal year.

Tandem Diabetes Care Profile

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.